OSU's FooDS Surveyors Wonder, Just How Much Will Consumers Pay for Beef and Pork Products?Wed, 22 Nov 2017 16:33:42 CST
Oklahoma State Universityís Agricultural Economics Department released the summary report of the November 2017 edition of the Food Demand Survey (FooDS) this week. According to it, willingness-to-pay (WTP) decreased for all food products. WTP for deli ham saw the largest percent decrease among meat products compared to one month ago. WTP for all products, except rice and beans, reached its lowest point since the beginning of FooDS in May 2013.
Expenditures on food eaten at home decreased 1.42% from October to November and expenditures on food purchased away from home decreased 5.84%. Consumers expect a slight decrease in beef and pork prices and a slight increase in chicken prices compared to one month ago. Consumers plan to buy less chicken, beef, and pork compared to last month. Plans to eat out decreased compared to last month.
Taste, safety, and price remained consumersí most important values when purchasing food this month. Consumersí food values remained similar to those in past months. Similar to last month, consumers reported that their main challenge was finding affordable foods that fit within their budget. Avoiding pesticides, hormones, and antibiotics was the challenge experiencing the largest percent increase, while finding convenient alternatives experienced the largest percent decrease. In November, about 4% of participants reported having food poisoning, a 37% decrease from last month. About 4% of respondents reported being vegetarian or vegan.
Several new ad hoc questions were added to this monthís survey relating to consumerís WTP for pork and beef products and sustainability.
To test this, individuals were asked whether they would purchase pork chops and beef steak at various prices, and were allowed to indicate their agreement on a scale of 1-100. The rating scale estimated a higher value for pork chops but a lower value for beef steak. Respondents answers were also compared to the values of a relative choice experiment, of which the rating scale estimated a pork chop value that was 11% higher, and a beef steak value that was 3% lower.
Next, respondents were asked about the factors they consider most important to determining food sustainability.
The authors of this survey say that perhaps the major take-away from the results of this survey, is that global warming is considered the least important part of food sustainability.
To take a look at the complete summary report of this monthís edition of the FooDS Survey for more highlights, click or tap here.
Source - Oklahoma State University
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